Who Needs to Register for VAT?
If your business makes more than ₦25 million in a year, you need to register for VAT. Even if you make less, it’s still a good idea to understand VAT in case your business grows.
Steps to Register for VAT
- Go to the FIRS Office: The Federal Inland Revenue Service (FIRS) handles VAT registration.
- Bring These Documents: - Business registration documents - Tax Identification Number (TIN)\n - Bank details of your business
- Fill Out a Form: Complete the VAT registration form at the office or online.
- Get Your Certificate: After registering, you’ll receive a VAT registration certificate.
Filing VAT Returns
What is Filing?
Filing means telling the government how much VAT your business collected and paying it to them.
How to File VAT
- Calculate VAT Collected: Add up all the VAT you collected from sales.
- Submit a Report: Send a report to FIRS showing your total sales and VAT collected.
- Pay the VAT: Pay the amount you collected from your customers.
Deadlines
VAT returns must be filed on or before the 21st of every month. For example, VAT collected in January must be filed by February 21.
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